Dependence on imported oil

The Group of Seven was founded to deal with the economic fallout and currency devaluation set off by the 1973 oil price shock.

In 1996 the USA was more reliant on oil imports than at any time since 1977. Almost half of its daily oil consumption of 18 million barrels is imported.

1. Instead of taking advantage of the opportunities to slowly intensify conservation measures during the 1990s, countries (notably the USA) have locked themselves backed into excessive consumption patterns and wasteful infrastructure that will make them more, not less, dependent on imported oil by the year 2010.

1. Dependence on oil
2. Dependence on external resources

1. Instability of trade in petroleum and petroleum products
2. Inability to reduce petroleum consumption
3. Diminishing oil resources

1. Reducing oil dependency
2. Recycling oils